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Tue, 02nd Mar 2010 07:06
Irish bookmaker Paddy Power's results last year reflected how well the punters did with profits lower despite revenues rising slightly. The bookie says things are more even this year, despite the bad weather hitting the number of events.Profits in 2009 fell 18% to €67.2m including one-offs, despite gross win or income in 2009 rising by 4% to €295m. Earnings per share fell to €1.22 from €1.46. The amounts staked rose by 31% to €2.75bn, with the win percentage down from 11% to 8.5%.Paddy blamed the profits drop on increased concessionary activity and an exceptionally punter-friendly run of sporting results, particularly in comparison with 2008. This reduced the gross win percentage by a further 1.5% compared to 2008 and 0.9% below normal expectations, it said.Trading in the year to date has been satisfactory, it added. Adverse weather in January led to racing cancellations and impacted turnover but this was offset by favourable sports results. The board remains confident of the group's prospects and has upped the dividend for the year by 8% 58.4c.
More News
27 Jan 2016 11:31
Paddy Power sees 2015 operating profit up at €180m
(ShareCast News) - Paddy Power said on Wednesday it expects to report a rise in full year operating profit before exceptional items as it announced a good end to last year. The bookmaker, which is currently in the process of merging with Betfair, expects operating profit for the year ended 31 Decemb
Read more15 Jan 2016 16:03
Paddy Power merger with Betfair gets Irish clearance
(ShareCast News) - Paddy Power's recommended merger with Betfair has received clearance from Ireland's Competition and Consumer Protection Commission. The company said it expects the merger, which was cleared by the UK Competition and Markets Authority in December, to complete on 2 February. The co
Read more17 Nov 2015 13:59
Paddy Power says momentum continuing despite adverse sports results
(ShareCast News) - Dublin-based bookmaker Paddy Power, which is set to merge with Betfair to create one of the world's largest betting and gaming companies, said trading in the period from 1 July to 15 November has been in line with its expectations following a very strong first half performance. "T
Read more6 Nov 2015 13:37
Numis upgrades Betfair and Paddy Power ahead of 'Betty' merger
(ShareCast News) - Broker Numis has upgraded Betfair and Paddy Power to a 'buy' rating as the two bookmakers close in on a merger. Despite their high valuation, the pair have a history of outperforming market expectations and the broker believes their share prices will rise as investors to revisit t
Read more3 Nov 2015 10:09
Barclays upgrades William Hill, initiates coverage of Paddy Power
(ShareCast News) - Barclays upgraded William Hill to 'overweight' from 'equalweight' and lifted the price target to 415p from 385p as it took a look at the European gaming sector. "In an industry with duplicated cost bases and where scale matters, it is no surprise consolidation is kicking-off; it i
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